ChicagoBankruptcyLawyer

Blog Posts in December, 2013

A Chapter 13 bankruptcy affords a debtor the opportunity to cram down certain secured debts to their actual value, not merely the principal balance owed. This concept essentially takes the principal balance owed on a secured debt that is "underwater" and reduces the secured amount of the debt to what the value of the collateral actually is. This concept has its foundation in basic secured ...

When you are preparing to file bankruptcy, it is best to discuss with your bankruptcy attorney whether you have any judicial liens against your property. These liens, even if the debt is included in your bankruptcy and discharged, can survive the bankruptcy and stay levied against your home. A judicial lien is secured through a legal process of securing a memorandum of judgment. It can be for ...

On Tuesday, Federal Bankruptcy Judge Stephen Rhodes determined that the City of Detroit is eligible for Chapter 9 bankruptcy, ushering in a legal process that could have landmark decision written all over it. The city, with billions of dollars in outstanding debt owed, simply does not have the means to pay its creditors and is for all intents and purposes, insolvent. Judge Rhodes issued this ...

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